Senate passes 2022-2024 MTEF/FSP

The Senate has passed the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) of the Federal Government.

The Upper Chamber also okayed N13.98 trillion as the total aggregate expenditure of the Federal Government for the 2022 fiscal year.

These approvals followed the consideration of the report of the Senate Joint Committee on Finance, National Planning and Economic Affairs; Foreign and Local Debts; Banking, Insurance and Other Financial Institutions; Petroleum Resources (Upstream); Down Stream Petroleum Sector; and Gas, on the 2022-2024 MTEF/FSP, by the Senate.

Chairman of the Joint Committee, Senator Solomon Adeola, presented the report.

Adeola, in his presentation, said the N13.98 trillion FG’s aggregate expenditure for 2022 is made up of total recurrent (non-debt) of N6.21 trillion; Personnel Costs (MDAs) of N3.47 trillion; Capital expenditure (exclusive of transfers) N3.26 trillion; Special Intervention (recurrent) amounting to N350 billion; and Special intervention (Capital) of N10billion.

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